New year, new you, new home? If you’re looking to buy a home in 2019, there’s no time like the present. While spring and summer are conventionally the popular times to go house hunting, there are several advantages to getting a head start and shopping for a home in the winter.
Here are a half dozen reasons why you don’t want to wait until spring to snap up your dream home.
It’s The Perfect Time To Buy
As we explained in our most recent Mortgage Rate Roundup, mortgage rates are currently the lowest they’ve been in months. However, this rate dip is likely temporary. Our experts are expecting to see interest rates rise moderately throughout the year. Buyers who take advantage of these lower rates now could save thousands on their new home.
If you’re looking to upgrade your home, this winter is the perfect time to do it. Besides nabbing a low interest rate, current market conditions are conspiring to make this winter a great time to transition. That’s because it’s presently a seller’s market for starter homes and a buyer’s market for luxury homes. By upgrading now, you can benefit on both ends; buying and selling.
Home Prices Are Going Up
Not only are mortgage rates predicted to rise, but home prices are also expected to go up by 4.8 percent by October 2019, according to the latest forecast from CoreLogic, a data and analytics firm that analyzes real estate trends. The company reported home prices increased nationally by 5.4 percent year-over-year from October 2017.
You’ll Get A Wintertime Home Inspection
When you go through a home inspection in the winter, you’ll be alerted to potential problems that you can have fixed before you move in and that might otherwise be overlooked in warmer months. For example, your home inspector will be able to alert you to any frozen plumbing connections or cracks that could cause slow leaks. An inspector can also point out potential drafts and any problems with insulation, plus make sure the roof’s framing can handle the extra weight of snowpack. On a more informal level, you’ll get an idea of how much sunlight the home gets in the wintertime. Is there too much shade preventing snow and ice melt of a home you’re considering? Is that a dealbreaker for you?
Sellers Will Take You Seriously
If you’re looking for a home in the wintertime, sellers will know you mean business and take you seriously. (Having a conditional approval from Eave can also give you an edge, and even help you compete in markets where cash buyers are prevalent). There’s also less competition. U.S. Census Bureau data shows that the highest number of moves happen in summer and fall months, and the fewest happen in winter months.
It’s Easier To Hire Moving Companies
Since summer is the most popular time to move, you typically need to book moving companies weeks in advance and they can charge a premium. Supply and demand economics at work! But in the winter, when fewer people are moving, you’ll have an easier time hiring movers, even on the weekends. You may even save some money because it’s the slow season. And, since winter isn’t a popular time to move, there may not be as long of a wait to get your utilities set up.
You’ll Get To Experience Hygge In Your New Home
Once you find your dream home, we’re willing to bet you’ll want to spend a lot of time in it. Winter is the perfect time to embrace the coziness of your new home. Get the fireplace roaring. Laze around and watch football on the big screen. Take bubble baths in your spa-inspired bathroom. Enjoy a reading nook. Host dinner parties. Your new home will be a willing host for your hygge aspirations!
Oh, one more bonus: If you move in the winter, that means you’ve got your summer calendar clear for a vacation.
Gearing up to buy in 2019 and have home financing questions? Eave is here to help! Please visit our website to speak with one of our licensed loan experts today.